Labour says investors doing nothing to grow power sector

Organised labour on Thursday accused beneficiaries of the privatisation of the power sector of the Nigerian economy of doing absolutely nothing to improve the sector in terms of new investments.

Against this background, they called on the President Muhammadu Buhari-led government to urgently consider a review of the privatisation of the Power Holding Company of Nigeria (PHCN) to save the sector from imminent collapse.

The distribution and generation components of the PHCN were split into 18 succession companies and sold to private owners at the conclusion of the privatisation exercise in 2013. And the new buyers were expected to fund further expansion of the sector in what have seen the country generate more power and generally improve on service delivery.

Mansur Musa, outgoing president, National Union of Electricity Employees (NUEE), raised the concern at the fifth quadrennial/10th delegate conference of the union in Lafia, Nasarawa State. He argued that the expected gains of the privatisation had eluded the country three years after the exercise.

According to the union leader, while electricity tariff has gone up, with customers paying through their noses, there has been no improvement in power supply or new investment in the sector by the buyers.

“It is no longer news that the privatisation project of the power sector scores great challenges to the nation. While Nigeria still groans in darkness, lack of meters, dearth in power infrastructure, high tariff, the investors smile to the banks at the expense of the workers and electricity consumers.

“Apart from the investment government made on the sector prior to the privatisation, the investors do not consider it expedient to invest on the growth and development of electric power in the country. I strongly advocate for a review of the privatisation exercise,” Musa said.

Also, Joe Ajaero, general secretary of the union, said against the expectation that the new buyers would attract foreign investments into the sector, there had been no foreign direct investment (FDI) since they took over.

He argued that the procedure leading to the privatisation was faulty, as those in government colluded with their cronies to rip off Nigerians.